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Tuesday, June 4, 2013

Foreclosure Market Update

What's going on in the foreclosure market in Sarasota right now?

Let's talk about inventory first. The number of available forclosure properties for sale in Sarasota County is staying steady, in a range between 500 and 600 single family homes and condos. This is, however, down from a peak inventory of between 1500 and 1700 properties for sale in the MLS in 2010 and 2011.

The current situation of prices and where the properties are located is the real story behind our area's foreclosures. A few months ago, there was a fiercely competitive market for properties in Sarasota, just east of Tamiami Trail, listed under $100K. Those properties were attractive to investors for buy and flip.

What seems to be available now are homes and condos in locations that are more conducive to investors looking to buy and hold as income properties. The rental market in Sarasota continues to be in high demand. We have few large apartment complexes for an individual investor to compete with, so a condo or a single family home in Sarasota, Bradenton, or Venice has a good chance at attracting a high quality annual or seasonal tenant.